Covidien enters a license, development collaboration with Nuvo Research

6/17/2009

ST. LOUIS A healthcare products company hopes to expand its entry into the branded painkiller market through a new deal with a Canadian drug development company.

Covidien announced that it had entered a license and development collaboration with Mississauga, Ontario-based Nuvo Research, which develops transdermal and topical drugs. The collaboration includes a topical painkiller that combines the nonsteroidal, anti-inflammatory drug diclofenac sodium with the transdermal carrier dimethyl sulfoxide.

Covidien said that Nuvo would receive an upfront payment – which Covidien would expense in its fiscal third quarter – development and sales milestone payments and royalties.

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